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Chapter 18: Q.18-11RQ (page 1006)

Question: Explain the terms to account for and accounted for.

Short Answer

Expert verified

Answer:

The term account for includes the amount in process at the beginning of the period plus the amount started or added during the period.

The term accounted for shows what happened to the amounts to account for. They are either still in the process or completed and transferred out.

Step by step solution

01

Meaning of ‘Account for’

Account for is explained as the aggregate of the amount balance in work in process at the beginning of the period and the amount introduced during the year and the amount started during the year.

02

Meaning of ‘Accounted for’

The accounted for explains whether the amount introduced in production process during the year is still in process or it is completed. It also explains the amount of production process transferred to other process or finished goods.

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Most popular questions from this chapter

Describe how the FIFO method is different from the weighted-average method.

PepsiCo, Inc. is a global food and beverage company that manufactures brands such as Frito-Lay, Gatorade, Pepsi-Cola, Quaker, and Tropicana. One of the products PepsiCo, Inc. manufactures is Mountain Dew. The first process in manufacturing Mountain Dew consists of clarifying the water to remove impurities such as organic materials and bacteria. The clarification process involves mixing the water with aluminum sulfate (an indirect material) to remove the impurities.

Assume PepsiCo uses the weightedaverage method of process costing.

Requirements

1. During the month of June, the Clarification Department incurred the following costs in processing 100,000 liters:

Wages of workers operating the clarification equipment

$20,000

Manufacturing overhead allocated to clarification

24,000

Water

160,000

PepsiCo had no beginning Work-In-Process Inventory in the Clarification Department in June. Compute the June conversion costs in the Clarification Department.

2. Assume that water is added at the beginning of the clarification process and conversion costs are added evenly throughout the process. The Clarification Department completed and transferred out 60,000 liters during June. The 40,000 liters remaining in Clarification鈥檚 ending Work-in-Process Inventory were 100% complete for direct materials and 60% complete for conversion costs. Compute the equivalent units of production for direct materials and conversion costs for the Clarification Department.

3. Compute the cost per equivalent unit for direct materials and conversion costs for the Clarification Department.

Question: Identify each costing system characteristic as job order costing or process costing.

a. One Work-in-Process Inventory account

b. Production cost reports

c. Cost accumulated by process

d. Job cost sheets

e. Manufactures homogenous products through a series of uniform steps

f. Multiple Work-in-Process Inventory accounts

g. Costs transferred at end of period

h. Manufactures batches of unique products or provides specialized services

Question: What are conversion costs? Why do some companies using process costing systems use conversion costs?

Miller Company sells several products. Sales reports show that the sales volume of its most popular product has increased the past three quarters while overall profits have decreased. How might production cost reports assist management in making decisions about this product?
See all solutions

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